The armor update would add reasons to use armor like leather rather than netherite, though adding this would add buffs to leather rather than making netherite worse or something, let’s make an example:
Chainmail, this armor would give resistance against sharp objects, such as, swords, axes. Chainmail would be cut-proof, like in real
Life, this would also add challenges when fighting mobs with chain mail and adding more use to bows and crossbows, next leather, leather, can protect you against bad effects, although this effect doesn’t work anymore if the armor has protection over 3, or thorns,
Mending and unbreaking fair game, this is because leather is the skin of a cow, cows are prone to disease, the leathery skin protects them from this, next is gold, gold is malleable so maybe if you stack gold on gold it raises the amount you can use this, like unbreaking but not an enchantment, diamond, I ran out of ideas so it protects against arrows of any kind. That’s it maybe more armor could be made, like wood armor, it protects against arrows but it breaks easily, or stone armor it protects against everything and doesn’t break for a long time, but it slows you down, the more on you the slower.